https://www.taxtmi.com/caselaws?id=10084 The High Court held that the Tribunal lacked the authority to reduce the penalty below the minimum prescribed in section 271(1)(a) of the Income-tax Act, ruling in favor of the Revenue. The Court emphasized the importance of adhering to statutory penalty limits and upheld that penalties must not be lowered below the prescribed thresholds, as per legal precedents and the provisions of the Act. en-us Tue, 27 Jul 2004 00:00:00 +0530 Tue, 07 Jul 2009 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10084 The High Court held that the Tribunal lacked the authority to reduce the penalty below the minimum prescribed in section 271(1)(a) of the Income-tax Act, ruling in favor of the Revenue. The Court emphasized the importance of adhering to statutory penalty limits and upheld that penalties must not be lowered below the prescribed thresholds, as per legal precedents and the provisions of the Act. Case-Laws Income Tax Tue, 27 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10084